n Annual Survey of South African Law - Financial institutions and stock exchanges




The Banks Amendment Act 20 of 2007 ('the Amendment Act'), the provisions of which came into operation on 1 January 2008, aims at tidying up a number of administrative and editorial matters in the Banks Act 94 of 1990 ('the main Act') that have became obsolete and / or incorrect over the years. Some of these amendments include to define or further define certain expressions in section 1 of the main Act; to update references to legislation and institutions; to delete outdated provisions; to provide for the roles and responsibilities of a consolidating and a host supervisor; to provide for the registration and deregistration of branches of banks; and to increase the powers of the Registrar and a duly appointed manager in respect of an inspection of the activities of unregistered persons.


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